The value of foreign currency deposits in local banks stood at an all-time high of Sh834.5 billion in April, boosted by the shilling’s depreciation against the dollar and cautionary accumulation by buyers.
The deposits rose by Sh23.4 billion month-on-month, the latest data from the Central Bank of Kenya (CBK) shows a third straight monthly increase that has coincided with the weakening of the shilling to an all-time low of 117.29 units to the dollar from 113.14 at the beginning of the year.
